A coalition of community groups is asking the judge overseeing Puerto Rico’s historic bankruptcy to withhold additional payments to McKinsey & Co. for its work on the island’s debt restructuring, alleging the management-consulting firm has conflicts of interest that it has failed to fully disclose, Bloomberg News reported. In a letter sent this week to U.S.
Puerto Rico in Distress
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Hundreds of people marched in Puerto Rico's capital San Juan to demand that the island's government cancel its contract with power grid operator LUMA Energy over chronic power outages and frequent rate hikes, Reuters reported.
Customers of the Puerto Rico Electric Power Authority (PREPA) are now paying 33.4 cents/kWh for electricity — nearly double the rate they paid just two years ago, Utility Dive reported.
The federal control board that oversees the finances of Puerto Rico’s government approved a $12.4 billion general fund budget on Thursday for the U.S. territory after legislators failed to approve one amid intense bickering, the Associated Press reported. The board’s version of the budget was rejected last month by Gov. Pedro Pierluisi because it reduced government spending by $100 million.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.